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Germany's Bayer buys Monsanto

German chemical and pharmaceutical multinational Bayer has bought US seed company Monsanto, known in Europe for its promotion of genetically modified seeds for crops. Bayer announced the deal on Wednesday, with media reporting the takeover to cost around €58 billion. The deal is being hailed as one of the biggest takeovers ever, and can be expected to be scrutinized by the European Commission's anti-trust department.